Chinese consumers spend heavily during Golden Week

VTV.vn - The consumption boom during the Golden Week holiday shows the strong resilience of the world's second largest economy.

During the eight-day National Day and Mid-Autumn Festival holidays (October 1-8), Chinese consumers spent heavily, making Golden Week the biggest consumer highlight of the year.

According to China's Ministry of Commerce, retail sales and catering services increased 3.3% in the first four days of the holiday compared to the same period in 2024. In particular, on 78 major shopping streets, the number of visitors increased 4.2% and revenue increased 4%.

On e-commerce platforms such as JD, Taobao, Tmall, sales of smart refrigerators increased by 20%, smart home appliances increased by 16%, while electronics and cosmetics also recorded strong purchasing power.

Experts say the rebound in consumption this time reflects the renewed confidence of Chinese people, in the context that Beijing is promoting stimulus policies, subsidies and expanding a consumer goods innovation program worth 300 billion yuan this year.

A series of pro-consumption policies in China have played an important role in stimulating consumers' shopping desire, boosting domestic demand and boosting economic growth amid external uncertainties, according to expert Pan Helin. The expert forecasts that China's consumption growth will accelerate in the fourth quarter of this year.

Industry insiders say Golden Week is typically a peak consumption season when Chinese consumers loosen their purse strings to shop for personalized and diversified consumer goods.

China's consumer market has seen a sustained recovery, with retail sales, a key indicator of consumption strength, up 3.4 percent year-on-year in August, according to the National Bureau of Statistics.

Source: https://vtv.vn/nguoi-tieu-dung-trung-quoc-chi-manh-tay-trong-dip-tuan-le-vang-10025100708401292.htm